Gold declines 2.1% this week

Gold prices declined by approximately 2.1% over the week due to expectations of a U.S. interest rate hike and rising Treasury bond yields, which reduce its appeal as a safe haven. Despite a slight increase at the end of the week, the precious metal faces pressure from ongoing inflation, signals of a hawkish Federal Reserve, and rising Treasury yields that pushed the 10-year bond yield to its highest level in 19 years. The market now anticipates a 66% chance of another rate hike in October and a 93% chance in December, putting downward pressure on gold prices, which have fallen since reaching their peak last February.

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